Medicare Advantage plans' average monthly premium will be $28 next year, marking the lowest charges in the last three years, according to the CMS.
On average, Medicare Advantage premiums will decrease by 6% from $29.81 per month in 2018. Nearly 83% of Medicare Advantage enrollees who stay in their current plan will have the same or lower premium in 2019, according to a report released Friday.
"The steps that the Trump administration has taken to improve and drive competition in Medicare Advantage means more savings, more benefits and lower costs for seniors," CMS Administrator Seema Verma said in a statement.
Premiums are decreasing as the number of coverage options increase. There will 600 additional MA plans next year. More than 91% of people with Medicare will have access to 10 or more Medicare Advantage plans, compared to nearly 86% in 2018.
Medicare Advantage enrollment is projected to increase to an all-time highof 22.6 million, or more than 36% of Medicare beneficiaries, in 2019. That's an 11.5% increase compared with 2018, which had enrollment of 20.2 million.
The findings come one day after HHS' Office of Inspector General alleged that MA plans may be denying claims to boost their profits. They cited the high overturn rate of pre-authorization and payment denials once challenged.
CMS has committed to increasing oversight to address the issues raised but did not provide details to the watchdog agency.
Medicare open enrollment runs from Oct. 15 to Dec. 7.